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S&P: Union Tank Car on positive watch
Standard & Poor's said it placed its ratings for Union Tank Car Co., including the A+ corporate credit rating, on CreditWatch with positive implications.
The agency said that the CreditWatch listing follows the announcement that Berkshire Hathaway Inc. (AAA/stable/A-1+) has agreed to pay $4.5 billion to acquire 60% of unrated Marmon Holdings Inc., parent of Union Tank Car, from the Pritzker family.
According to S&P, Berkshire Hathaway will have the option to purchase the remaining 40% by 2014 and the action is part of a series of asset sales by the Pritzker family following an agreement to liquefy its holdings by 2011.
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